celefazy

With Bitcoin continuously being bullish for the whole year and and trended to a new year high of 38400, even though we might expect a pullback particularly after weekly structural high taken out and trended into a monthly fair value gap. Price range 34000-30000 could pose to be a a strong range area for bulls to get into the market again and look to ride the wave of price into the 62% area of the fib (golden line/level). This level is of a great interest because it is inside a monthly timeframe fair value gap that could also serve as an area of reversal with the monthly timeframe bullish structure liquidity taken out on may 2022. Of course we won’t look to sell from this area except we begin to see the market make lower highs and lower lows. Furthermore, price could continue ride its current weekly bullish trend and taking out the liquidity at 69000 thereby pushing to form a new ALL TIME HIGH. Except we do see a change of structure from the weekly timeframe 34000-30000 price range is the best possible range for bulls to look to enter more positions or probably join the trend if they are yet to join (this could change as the weeks go by) and possible ride the weekly trend upto 48000 or break the current all time high at 69000 and form a new all time high.

Bitcoin collapse? or drop down to around 26k? Bitcoin seem to be bearish even though it has traded bullish for most of the week, we could see it bouncing off nicely from a 60 minutes(1 hour) timeframe orderblock. With enough liquidity taken from previous structural highs on the daily timeframe and the latest liquidity taken being last month's high and price failing to make high(s) above yesterdays high around 30700, we could anticipate price moving back down for some retracement at least, especially since the weekly timeframe is yet to make a good buy structure after bouncing off nicely from the monthly fair value gap. The 26000 price level seem to be a pretty good and strong support area that the market could trade into and if price continue to trade down below 24800 then we could anticipate a collapse down to 15500.